US Import Prices Surge in August

Prices of imports into the United States jumped by 0.7% from the previous month in August of 2026, erasing the 0.3% declines in the two prior months, and firmly above expectations of a softer 0.4% increase. Despite the rise in wholesale crude oil and fuel prices across the globe due to the escalation in the war in Iran, the increase in import prices was solely concentrated on nonfuel imports, which rose 0.8%. In turn, fuel import prices eased by 0.1%, the softest of three straight declines. Notably, the gauge excludes increasing tariffs that have recently been passed by the presidential administration on a series of goods. Import prices rose by 7.0% on an annual basis.

US import prices fell by 0.4% month-over-month in July 2026, following a revised 0.3% decrease in June and contrasting with market forecasts of a 0.1% increase. This marked the largest monthly decline since May 2025. Import fuel prices fell 7.2%, their biggest decline since September 2024, as a 7.5% drop in petroleum and petroleum product prices more than offset a 5.3% increase in natural gas prices. Meanwhile, nonfuel import prices rose 0.4%, driven by higher prices for capital goods, foods, feeds and beverages, and automotive vehicles, parts and engines. These increases more than offset declines in nonfuel industrial supplies and materials. The gauge excludes duties, such as tariffs imposed by the US administration, as well as transportation costs. On a yearly basis, US import prices rose by 5.9%.

Prices of goods imported into the US rose by 0.3% from the previous month in June of 2026, slowing from the revised 1.7% in May but contrasting sharply with market expectations of a 0.7% decline. Imports of fuel and lubricants fell by 0.4% as the momentary pickup in tanker volumes leaving the Persian Gulf allowed for some relief in wholesale fuel oil and refined fuel costs. The slight drop compared to a 12.6% surge in May and an 18.9% jump in April. In turn, non-fuel import prices rose by 0.4%, extending the 0.7% increase in the previous month to mark a seventh consecutive period of higher prices. The increase in import costs do not include tariffs that have recently been raised by the presidential administration. From the previous month, import prices rose by 7.1%, the highest in nearly four years.